Real Estate Spotlight - September 2023

Real Estate SPOTLIGHT

188 ALDRICH ROAD

ISLESBORO

$8,50,000

LIVE YOUR LEGACY

MAINE

FALMOUTH

$7,500,000

A legacy of real estate. A mastery of real estate marketing.

As the leader in luxury Maine real estate, Legacy Properties Sotheby’s International Realty offers an unmatched blend of local expertise, world-class marketing power and property exposure. Our licensed real estate agents specialize in luxury waterfront homes, ranging from stunning coastal and beach properties to lakefront lodges, maximizing year-round views and recreation opportunities for you to enjoy the best of what Maine has to offer.

We have six offices along the coast of Maine, with locations in Kennebunk, Portland, Brunswick, Damariscotta, Camden, and Northeast Harbor on Mount Desert Island. Get in touch today to find your dream Maine home with guidance and support from our expert agents.

DISCOVER THE VALUE OF YOUR HOME

Our state-of-the-art online residential property valuation service lets you find the estimated current value of your home simply by filling in your address on the banner of our LegacySIR.com homepage.

This value is used in all aspects of the valuation process for lenders, GSEs, mortgage brokers, mortgage servicers, investment bankers, and mortgage investors as well as anyone who requires fast, reliable, and cost-effective residential property valuations.

For a more detailed Market Analysis, please contact your Legacy Properties Sotheby’s International Realty sales associate.

Dear Friends,

The past four years have been an extraordinarily difficult time to be a homebuyer in Maine. The number of homes being sold continues to decline by nearly 20% when compared to the same period last year, while prices continue to rise above and beyond the sharp increases experienced in the early days of the COVID migration. The rapid rise in mortgage rates has had a greater impact on potential sellers than it has had on prospective buyers, further exacerbating the supply-demand imbalance that has characterized the Maine real estate market since 2020. Although real estate is cyclical, it is hard to see a dramatic change in the market dynamics between now and the end of 2024 or thereafter.

In addition to its cyclicality, Maine is also quite seasonal with respect to both the number of active buyers and how many homes are actively listed for sale. As we head into the dark days of December and January, we typically experience a sharp drop in homes available for sale and bump along at a low inventory level until activity resumes in March. I do not anticipate that this year will be any different.

At the moment, there are approximately 3,000 single-family homes that are “Active” on Maine’s MLS system. Nearly two-thirds (1,917) have been active for more than 30 days, indicating that potential buyers have had time to digest the salability of the current market terms. That leaves

approximately 1,100 homes that are relatively fresh and still under consideration by the current pool of possible buyers. By historical standards, these are very tight inventory numbers. For perspective, at Legacy Properties Sotheby’s International Realty, we estimate that we are currently servicing more than 1,000 ready, willing, and able buyers in some capacity.

Despite the low inventory levels, there are still opportunities for committed buyers who know what they want to be active during the quiet months. Maine has approximately 1,000 homes that are under contract and displayed as “Active Under Contract” or “Pending,” and in my opinion, these represent a potential opportunity for motivated buyers to give serious consideration to presenting a backup offer or simply sharing their interest with the listing agent should the current transaction not come to fruition for any number of reasons. With the cost of living strained by inflationary pressures, economic turmoil, and record high mortgage rates, there will be currently committed buyers who may not be able to perform on their purchase as once anticipated. In addition to mining pending properties, there are a large number of homes that are taken off the market during the winter months. These properties are visible to your buyer agent as “Withdrawn” or “Expired” listings. In most cases, the sellers are still willing to sell, but are waiting for the spring market to re-enter a public offering. Buyers, through

their agents, may be able to gain the seller’s attention during this time without the competition that will likely exist in the spring.

There has never been a more critical time to work with agents who have a strong record of success in helping their clients buy and sell property. Although the strategies I have suggested above are not high-yielding in terms of unit sales, they are effective techniques for helping our buyer clients find their special piece of Maine. In these complex markets, every little bit helps create a successful outcome for you.

Should you have any questions, please contact your agent for help in considering one of the above strategies. If you are looking for an agent to help you navigate these complex markets for buying and/or selling, feel free to reach out to me. With six offices and more than 100 active agents, we can help you achieve your real estate goals.

Warm regards,

Last 12 months compared to pre-COVID full year 2019

Single Family and Condos only

MAINE

Last 12 months compared to pre-COVID full year 2019 Single Family and Condos only

Last 12 months compared to pre-COVID full year 2019

Single Family and Condos only

Last 12 months compared to pre-COVID full year 2019

Single Family and Condos only

MAINE

Last 12 months compared to pre-COVID full year 2019 Single Family and Condos only

Last 12 months compared to pre-COVID full year 2019

only

With access to more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and mountains with world-class skiing, Legacy Properties Sotheby’s International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine real estate and waterfront properties for sale.

The Cape Elizabeth Kitchen Tour

After a 5 year hiatus, the Cape Elizabeth Kitchen Tour is back and once again presented by Legacy Properties Sotheby’s International Realty. This self-guided tour of beautiful kitchens throughout the seaside town was September 23rd. Attendess learned about design trends and talked to our agents and builders about ideas.

Best of all, ticket sales support the Cape Elizabeth Education Foundation, which provides grants to the teachers and students in the Cape Elizabeth school district. We appreciate your support!

LEGACY COLLECTION

Our exclusive, multi-page property books are distributed with Maine Home + Design, Down East, and in select areas, The Wall Street Journal and The Boston Globe. As many as 84 pages are

SPOTLIGHT

Tom and Kate Chappell of “Tom’s of Maine” List Historic Kennebunk Home

Tom and Kate Chappell of iconic Tom’s of Maine fame are selling their historic home in Kennebunk, a 7-bedroom Federal-style Colonial in the heart of town that was originally built in 1799 for merchant Nathaniel Frost. Nestled among lush organic gardens with apple trees, herbs, and vegetables, this private oasis has a long circular drive ending at a 3-bay barn. The 20 rooms, 7 bedrooms, and 8 wood-burning fireplaces capture the essence of a bygone era. The home also includes an accessory apartment for guests.

The Chappell home is a true piece of Kennebunk Maine’s history. Tom and Kate Chappell of Tom’s Of Maine, a national brand of natural toothpaste and deodorant based in Kennebunk, have lived at 99 Main Street in Kennebunk for the last 40 years. Tom and Kate are locally renowned as artists, authors, and philanthropists, and made history with their innovative business model, passion for the globe’s welfare, and generous consideration for local community.

Tom and Kate took that same heart, soul, and creativity and applied it to this exquisite Federalist-style home, using sustainable and environmentally-conscious methods, and installing energy-efficient systems long before many even heard of the processes. The home is powered with solar panels and kept warm with a geothermal heat system and efficient heat pumps. The family likes to say, “The home is all natural.”

The Chappell’s five children, Chris, Matt, Sarah, Eliza, and Luke, were raised in this house. As the kids would say, “So have Tom’s Apple Shampoo, Coco Orange soap, Fennel toothpaste, Unscented deodorant, and Spearmint toothpaste!” This home is where many of the Tom’s of Maine board meetings were held, herbs were grown, family weddings were celebrated, and Kate’s art was created. Extended family from grandmothers to aunts shared the home, and the family pets Hershey, Fuller, Miss Kitty, and Dylan roamed the property as guardians, making the mail delivery nearly impossible.

All five children are now grown and married, raising their own families with the values ingrained in them at 99 Main Street. Now just Tom and Kate live alone in this 7-bedroom sprawling house, and they need new stewards for this magical and eternally special property. Like a well-written love song, this home reflects the passion, love, and

devotion of the family.

The town of Kennebunk is rooted in history. The Chappells’ respect and appreciation are shown in their preservation of this history by the precise measures they have brought to bear in the restoration and additional upgrades of top standards of this property. They managed to embrace the historical elegance and grandeur of their home and blend it seamlessly with a sense of family and warmth that invites one to stay and sit a spell. Even when board meetings were being held, there could be the sounds and scents of home with children’s laughter and freshly baked cookies wafting through the halls from the French kitchen.

Explore the Historic Property

A local historian wrote about the “Nathaniel Frost Home” in her January 2018 “Windows into History” column for the Village newspaper:

Thomas Eaton is responsible for building this Federal style home in 1799. Eaton built many of the homes in Kennebunk and Kennebunkport. In Kennebunk he was hired to enlarge the First Parish Church. He built Wallingford Hall on Route One and the Taylor-Barry house on Summer Street. In Kennebunkport he is known to have built the Captain Lord Mansion. Eaton built this home for Nathanial Frost who first arrived circa 1790 as a merchant and intially built a store near the Mousam River… By 1799 he was a wealthy trader of general merchandise and medicines.

After Eaton died, New Hampshire Senator Charles Cutts resided in the home, who was elected Secretary of State in 1814. The home was eventually sold to Dr. Nicholas

Smart, a Bowdoin graduate. His daughter Susan and her husband Captain William Symonds lived in the house, who was a famed mariner. Both Susan and William died in a shipwreck in 1874.

The Chappells purchased the storied home in 1983. In 2012, the nearby Brick Store Museum hosted a holiday tea at the house at 99 Main Street, which has been known by many names: Lexington Elms, the Nathaniel Frost House, and now the Chappell House. The museum pamphlet provided this interesting bit of history on its original nickname:

The home is often referred to as “Lexington Elms” because prior to being built, the landowner planted several elm trees in 1775 to commemorate the Battle of Lexington. The trees graced the lawn until they succumbed to the blight of Dutch Elm disease in the 1960s.

Read the full post here.

99 Main Street in Kennebunk is represented by Andi Robinson and Elaine Prendergast and is offered at $2,250,000, and is also listed as a multi-family home in addition to a single-family residence.

REAL ESTATE EXPERTS IN EVERY MARKET GLOBAL REACH

The Sotheby’s International Realty network is comprised of more than 26,000 sales associates located in approximately 1,100 offices in 81 countries and territories worldwide. Our listings are marketed on the sothebysrealty.com global website and on local affiliate websites across the world in the markets from which our buyers are coming. This global exposure not only affords our listing clients the widest possible distribution to the highest number of qualified buyers, but it allows all of our clients access to the most experienced and accomplished real estate experts in whichever town, city, or country they may have needs.

THINKING ABOUT A MOVE?

Let us help you find the right agent through our global network at Sotheby’s International Realty. For more information call 207.780.8900 or email info@legacysir.com

DOWNEAST MAINE

Explore Featured Listings Beyond Belfast

THANK YOU FOR YOUR TRUST AND SUPPORT.

for all homes sold over $4,000,000 in Maine for all homes sold over $3,000,000 in Maine for all homes sold over $1,000,000 in Maine for all homes sold over $650,000 in Maine for all waterfront sales in Maine

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including: professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.

SPOTLIGHT

Iconic “Rooster Brother” Roastery & Kitchen Store in Ellsworth on the Market

The iconic Rooster Brother shop in Ellsworth, known as “The Store for Cooks and Those Who Love Them,” is on the market. With its charming atmosphere, diverse product range, and commitment to quality, Rooster Brother has become a culinary destination for local residents, returning summer folk, and tourists. The proximity to Acadia National Park makes it a prime pitstop for tourists.

The offering includes the real estate, inventory, and a turnkey operation with approximately three million dollars in annual sales and a solid base of returning customers. “It is amazing how fast the word spread regarding Rooster Brother being for sale,” says Janet Moore , a broker with Legacy Properties Sotheby’s International Realty who is representing the sellers alongside Laura Pellerano . “We are delighted that there is astounding response and queries are coming in from potential buyers and Maine commercial brokers.”

Located on the banks of the Union River on .83 acres, the stately 12,000 + square foot Victorian building dates to 1893, which was then the largest wooden building in Ellsworth and was known as the Odd Fellows Hall. There is ample parking, a lawn with picnic tables, 200 feet of water frontage, and an impressive July traffic count of 18,000 vehicles per day.

Rooster Brother has very strong financials, comprehensive retail systems, intellectual property, commercial kitchen equipment, and extensive

inventory as part of this attractive opportunity. On the lower level, you will find specialty foods, wine and cheeses, baked goods, and the Roasting Room. One of the standout features is the on-site coffee roastery. The Roasting Room sources high-quality beans from around the world and carefully roasts them to perfection. The coffee never disappoints.

With a cup of coffee in hand, customers browse the second floor of specialty cookware, table settings, gadgets galore, linens, and beautiful things for the home. The third level contains a commercial baking kitchen, inventory storage, and more retail space.

The sellers, Pamela and George Elias, started Rooster Brother 37 years ago. They were the 2023 recipients of the Ellsworth Chamber of Commerce Top Drawer Award, a testament to years of hard work and commitment to the local community.

“They’re local people,” says Pellerano. “Pamela started a small housewares store and George joined in. It’s grown substantially over the years.” The Eliases brought in lines of specialty foods at a time, before the internet, when it was difficult to get them. Moore noted that the Eliases also made a point of showcasing local products.

“I can attest that if you get pecans there, they are probably the freshest pecans you’ve ever had,” Pellerano added. “They test everything that comes through the store. They vet it and they do their research.”

The store has just over 20 employees. “Pam and George always treated their employees very well,” said Pellerano. “They provide health insurance and retirement benefits. They’re a small employer, but they’re very concerned

for their employees.”

The Eliases decided to sell because it was time to move on to other endeavors, says Pellerano. They will continue to operate the store throughout the sale process.

“They really want somebody who will be a good steward for the business and continue it on,” she said. “They’re very consistent in what they do. That’s what people really like. They know they’re going to get the quality.”

The real estate and the business are offered together for $2,900,000. The business itself is offered at $1,800,000 (including inventory, intellectual property, and all equipment and systems in place) and the real estate is offered at $1,100,000.

Learn more about the listing at 29 Main Street in Ellsworth here .

INLAND TREASURES

FEATURED LISTING

119 Beach Road, Naples | $725,000 Sandra Wendland 207.233.7788

3 D VIRTUAL TOURS

Welcome to the always-open house. Our immersive Matterport 3D Virtual Tours transport you into the finest selection of Maine Luxury Properties and let you explore like never before. Use Dollhouse view to see a whole property at once, switch to floorplan view for a traditional top-down perspective, or walk through like you’re there in person. Our Matterport 3D Virtual Tours are unlike any other real estate virtual tours. They are the most realistic, cutting edge, and comprehensive way to experience a property online. Click on any of the thumbnail images below to experience the Maine Lifestyle from the comfort of your own home.

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SOCIAL MEDIA

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At Legacy Properties Sotheby’s International Realty, we use social media to connect your home to our vast community of real estate intenders and influencers from across the globe. Social Media, like real estate, is about connecting people and cultivating relationships, which makes it the ideal tool for marketing your home.

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PORTLAND OFFICE

2 City Center

Portland, Maine 04101

207.780.9800

KENNEBUNK OFFICE

150 Port Road

Kennebunk, Maine 04043

207.967.0934

BRUNSWICK OFFICE

141 Maine Street

Brunswick, Maine 04011

207.729.2820

DAMARISCOTTA OFFICE

170 Main Street

Damariscotta, Maine 04543

207.563.2775

CAMDEN OFFICE

46 Bay View Street

Camden, Maine 04843

207.230.1003

NORTHEAST HARBOR OFFICE

6 Neighborhood Road

Northeast Harbor, Maine 04662

207.780.8900

Table of Contents

Legacy Properties

Sotheby’s International Realty

Six offices serving Maine and New Hampshire’s coastal, lake, and mountain communities.

info@legacysir.com

legacysir.com

FEATURED LISTING

81 SHAW ROAD RAYMOND

$3,200,000